Business
Interconnect debts: NCC seeks stakeholder input to develop stronger dispute resolution mechanisms
In a reaction to unending tussles emanating from interconnect debts owed, the Nigerian Communications Commission (NCC) has sought the input of stakeholders in developing stronger mechanisms to resolve disputes.
At a public inquiry which began on May 21, 2024, the NCC is considering amendments to the Telecommunications Networks Interconnect Regulations, Guidelines on Procedure for Granting Approval to Disconnect Telecommunications Operators, and Guidelines for Dispute Resolution.
The Commission is plying this route in line with the diplomatic approach of the new Executive Vice Chairman, Aminu Maida who wants to stir the agency to achieve regulatory excellence and build a robust communications sector that supports the Nigerian economy.
Speaking, Maida, emphasised the significance of the public inquiry in ensuring transparency and inclusivity in the regulatory process.
According to him, “These regulatory instruments play a vital role in shaping our communications landscape and it is essential that we visit and refine them to address emerging challenges, trends and opportunities. The instruments that we considered during the course of this public inquiry are vital in ensuring the communications sector meets the demand of the ever-evolving digital age.
“The first Regulatory instrument in our agenda today is Telecommunications Networks Interconnect Regulations. As we all know, interconnection plays a vital role in enabling seamless communication between two different networks, and facilitating the growth of the communications industry in Nigeria. This review is crucial to keep pace with technological advancement, foster competition, protect consumer interest, align with international standards and improve regulatory efficiency in the industry.”
Likewise, Ag. Head Legal & Regulatory Services of NCC, Mrs. Chizua Whyte, said the commission recognises the need for swift adaptation of regulatory instruments to keep pace with the evolving communications industry and emerging technologies.
Whyte emphasised the importance of collaboration with stakeholders in driving significant advancements in the sector.
She noted that the commission values the contributions of stakeholders and looks forward to working together to shape a strong and dynamic industry.
In her words, “As the communications industry evolves with emerging technologies, our regulatory instruments must adapt swiftly. The Commission’s collaborative efforts with stakeholders have driven significant advancements and will continue to propel the sector forward.
“This Public Inquiry underscores our commitment to regulatory excellence and to building a robust communications sector that supports the Nigerian economy. We value your contributions and look forward to shaping a strong, dynamic industry together.”
Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.
The signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.
The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.
The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice- President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.
The 31 AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’.
The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024).
Vice-President Kashim Shettima has called for a more robust collaboration between the government and business leaders to propel Nigeria’s economic aspirations.
The spokesperson of the Vice-President, Mr Stanley Nkwocha in a statement on Friday, said Shettima made the remark at the Heirs Holdings Group Directors’ Annual Dinner, held in Abuja.
According to the Vice President, open dialogue, shared insights, and collaborative work between the public and private sectors are necessary tools to develop solutions tailored towards Nigeria’s unique realities.
He called for synergy between the political class and economic stakeholders, emphasising that the two spheres are not opposites but complementary forces vital for national stability and progress.
” Politics is too important to be left to the politicians and enterprises that define our economic destination are too important to be left to the businessmen alone to develop.”
The Vice-President urged conglomerates to serve as pipelines for the administration’s practical economic vision, departing from cosmetic reforms of the past.
“Collaboration between the public and private sectors is the ingredients of a thriving economy.
” We must engage in open dialogue and share insights and work together to crop solutions that are peculiar to our realities.
” Whether it is tackling unemployment, reducing poverty, or enhancing education and healthcare, our partnership must aspire to drive sustainable development and create a safe future for all Nigerians.
” Our bragging right will not be about having the most unicorns on the continent but also about our entrepreneurial standing with global comparisons,” he said.
Shettima, who commended the Chairman of Heirs Holdings Group, Tony Elumelu for his achievements, described him as an “enigma and a banking colossus whose entrepreneurial exploits have carved a niche in Africa’s economic landscape.”
He also lauded the Heirs Holdings chairman’s visionary leadership and commitment to empowering young African entrepreneurs.
“Tony Elumelu belongs to the class of wealthy men because he generates wealth and opportunities and is a harbinger of great tidings to the Nigerian people.
” For the dreams you have relegated to help build our nation, we offer our deepest gratitude and a promise to continue playing our part to enable the ease of doing business.”
Earlier, Elumelu, reaffirmed the group’s unwavering commitment to the philosophy of Africapitalism and empowering young entrepreneurs across the continent.
Elumelu, whose business empire spans 24 countries, noted that the annual gathering serves as a platform to review achievements, business practices, and learn from the experiences of over 100 board members.
“Today, we started our Annual General Meeting, and it will continue until Saturday.
” Sessions like this afford us the opportunity to reflect on everything we have done within the year, look at things we should have done better, learn from our past mistakes, and re-strategize on how to accomplish our purpose,” he said
Elumelu added that, at the core of Heirs Holdings’ ethos, was the belief that the private sector must play a leading role in Africa’s development, a philosophy he described as “Africapitalism.”
He stressed the group’s focus on human impact, citing the empowerment of 20,000 young African entrepreneurs with non-refundable seed capital of 5,000 dollars each as their most significant recent achievement.
Elumelu expressed confidence that the collective efforts of the holdings and other business groups would contribute to transforming the African continent and uplifting the black race globally.
The Founding Trustee of the Tony Elumelu Foundation and Chairperson of Avon Healthcare Ltd, Dr Awele Elumelu, described Vice-President Shettima as an exemplary leader committed to public service and nation-building.
” In Heirs Holdings Group, one of our core values is excellence, and our guest speaker embodies excellence,” she said, adding that the group felt honoured by VP Shettima’s presence.”
The federal government of Nigerian is requesting a $500 million loan from the World Bank to repair rural roads, enhance agricultural product access, and combat rising food prices.
The World Bank stated that this loan will benefit 92 million rural residents who lack adequate road infrastructure.
This funding request is part of the final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-Up, managed by the Federal Ministry of Agriculture and Rural Development.
The RAAMP-SU project will allocate funds to three main areas including, $387 million for resilient rural access, $158 million for climate-resilient asset management, and $55 million for institutional strengthening and project management.
The project’s total cost is estimated at $600 million, with the World Bank expected to cover 83.33% of the funding. This represents a 79% increase from the initial $280 million commitment for the original project.
According to the policy document, participating states must establish fully operational Roads Funds and Roads Agencies with appointed boards and staff, and allocate administrative costs in their budgets.
The document read, “Rural access is particularly restricted in areas densely populated by the economically disadvantaged. These factorst underscore the imperative to expand and enhance the rural road network, as well as conserve rural road and transport assets.
“While eligibility for state participation under RAAMP required the drafting and placement of Road Fund and Roads Agency bills in the State Houses of Assembly, the new project would require the States to have a fully functional Roads Fund and Roads Agency with appointed boards and staff, and provision for administrative costs made in the state budget. Additionally, RARAs offer an opportunity to foster women’s representation in the transport sector.”
This initiative comes as Nigeria faces rising food inflation, which according to the National Bureau of Statistics, reached 40.53% in April 2024. Experts attribute this to insecurity, high energy costs, and transportation expenses
Report according to the Debt Management Office, however has it that, as of the end of 2023, Nigeria’s total debt was N97.341 trillion, with debt at N38.22 trillion, accounting for 39% of the total debt.
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